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Moved to a different state and sold a property

I moved to Georgia from California on Dec 15 2022. And I sold a property in California on 05/01/2023. Do I need to pay a capital gain tax in Georgia or California? Please advise me.

2 Replies
rjs
Level 15
Level 15

Moved to a different state and sold a property

For 2023 you will have to file a Georgia resident tax return and a California nonresident tax return (assuming that you remain a Georgia resident all year). The gain from the sale of the property in California has to be included in your income on both tax returns. It is subject to California tax because the property is in California, so it is California source income. It is subject to Georgia tax because you were a Georgia resident when you sold it. All of your income is subject to tax by the state that you live in, no matter where the income is from. But you will get a credit on your Georgia tax return for part or all of the tax that you pay to California. The credit will eliminate double taxation.

 

Moved to a different state and sold a property

It was quite helpful. THANK YOU so much for your detailed explanation!! 

Hope you have a great day^^

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